Now that the New Year is cruising along, and business is back to normal, it’s a good time to reflect on the lessons that we learned from real estate investment in 2014 for Detroit. Whether you were buying homes, renting properties, or flipping investments, there is something in this article that everyone can take away and apply to their changes for 2015!
- Don’t let the property slip away – We bet there is one property that you are still dreaming about, and wish you got your hands on faster. For whatever reason you decided not to purchase that property, resolve to stop letting the good one’s slip out of your hands. Stop kicking yourself not buying that dream home, and start proactively looking for a way to mend the wound.
- Don’t get tunnel vision – Often times, when we are involved in a property, we get too fixated on one aspect of the real estate business. Opportunities for more education, knowledge, and expansion are always right around the corner. Be willing to adapt to new ways of being productive, along with open mindset to new property ideas.
- Don’t bite off more than you can chew – This means stop borrowing so much money. If it’s possible for you to purchase a Detroit home with more money down, this year is the time to do it. Additionally, make sure that you have more money in your reserve this year. One little thing that goes wrong with your property could end up costing you thousands. Make sure you’re prepared!
- Don’t try to do it all – You may be the property owner, landlord, maintenance crew, and handling all the financials. We’re not saying it’s not possible to take on little parts of all these tasks, but don’t try and take it all on by yourself. Make 2015 the year that you create a solid support group and system in order to maximize your time.
- Don’t lower your standards – Just like the property that slipped out of your hands, don’t settle for a home that you’re not in love with. If the investment doesn’t feel right, then it probably isn’t. Dealing with terrible tenants, damage issues, and red-tape is not something you need to add to your plate.
- Don’t wait – There is never going to be a better time than now, to start investing in Detroit real estate. The next time you reconsider jumping into this business, stop second guessing and just go for the plunge!
What resolutions have you set for your real estate business and goals for this year? At Own It Detroit, we’re excited to bring you more updates and information on Detroit real estate, in order to maximize your investing efforts all year long.